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FxWirePro:EUR/AUD drops changes short term trend from neutral to bearish

• EUR/AUD declined on Wednesday as euro was weighed down after EU failed to agree on virus response.

• The pair currently is approaching support at 1.7470(23.6% fib). A break under 1.7470 would unmask 1.7300 level in the short term.

• Technical signals are bearish as RSI is at 44.31, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• On the upside, Immediate resistance is located at 1.7500 ( 5 DMA), any close above will push the pair towards 1.7629 (9 DMA)

•    On the downside, support is seen at 1.7470 (23.6% fib ) and break below could take the pair towards 1.7168 (50 DMA).

 Recommendation: Good to sell on rally around 1.7550, with stop loss of 1.7650 and target price of 1.7150.

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